- BetMakers Technology Group (BET) is set to raise $35 million through a placement to fund its growth in the United States
- The raise has been well supported by new and existing investors
- Last week, BetMakers signed a 10-year deal to distribute and manage Fixed Odds race betting in New Jersey
- The company has also reconfirmed its 2020 financial year guidance and is expecting around $9 million in revenue
- On the market this morning, BetMakers is up 14.07 per cent and is selling shares for 46 cents each
BetMakers Technology Group (BET) is set to raise $35 million through a placement to fund its growth into the United States.
Under the placement, the company will offer its shares for 37 cents each. The company says the raise has been well supported by new and existing investors.
Last week, BetMakers signed a 10-year deal to distribute and manage Fixed Odds race betting in New Jersey. The company says it continues to see opportunities in the U.S. to expand its growth.
Managing Director Todd Buckingham said this placement puts BetMakers in a strong position as it continues to accelerate its growth plans.
“These plans include the distribution of Fixed Odds race betting into the U.S., the expansion of our Managed Trading Services offering globally and the distribution of international racing content to wagering operators in Australia, the U.S. and the U.K.,” he said.
“We are grateful for the ongoing support shown from our existing investor base as well as the strong interest from new institutional investors in BetMakers,” he added.
BetMakers’ major shareholder, Tekkorp Capital, was a cornerstone investor in the placement.
The company has also reconfirmed its 2020 financial year guidance and is expecting around $9 million in revenue.
On the market this morning, BetMakers is up 14.07 per cent and is selling shares for 46 cents each at 10:32 am AEST.